Bil Browning

Is the Twinkie Defense Dead?

Filed By Bil Browning | January 11, 2012 4:00 PM | comments

Filed in: Living
Tags: Dan White, Ding Dongs, twinkies

Dan White must be rolling over in his grave... So much for the theory that the only thing that'll survive a nuclear war will be cockroaches hostess-twinkies.jpegand Twinkies.

Hostess Brands, the baking company known for sweet treats like Twinkies and Ding Dongs, filed for bankruptcy protection on Wednesday, just three years after emerging from an earlier restructuring process.

The company, which has assets of roughly $1 billion, has been struggling under the weight of a debt load of about $860 million and soaring expenses tied to its labor force. Hostess has up to 100,000 creditors, and its chief unsecured creditors are labor unions and pension funds that represent the company's employees, according to the Chapter 11 petition filed in United States Bankruptcy Court in lower Manhattan.

The company blames their unionized work force, of course, claiming pensions, medical benefits, and "restrictive work rules" are cutting into profit. The Teamsters have a damn good response. They suggest cutting executive salaries first since they've already given several concessions during the company's first bankruptcy reorganization.

What do you think the chances are the the corporate head honchos are willing to sacrifice any of their salary so the workers can keep their health insurance, provide for their retirement, and maintain worker safety? Yeah. Me either.

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